Chapter 2

CURRENCY PROPOSALS
AND THE BIRTH OF THE
CURRENCY OF PALESTINE

          The idea of issuing a unique currency for Palestine, and particularly paper money, was proposed as early as 1917 by the Anglo-Palestine Company (APC), and between 1917-1923, the topic was discussed no less than five times. Most of the proposals and discussions pertained to the issue of banknotes, which related to the problem of currency as a whole.

  • Proposal of the APC to issue banknotes (1917-1918)
  • The Advisory Financial Committee (1919)
  • Proposal of Sir Herbert Samuel regarding the question of currency in Palestine (1920)
  • The political committee on the matter of the coins of Palestine (1920)
  • Finalisation of a plan for currency in Palestine by the APC (1921-1923).

The first suggestion was proposed at the end of WWI, while the others came under discussion by virtue of necessity created by the post-war state of affairs.

The second, third and fourth proposals were initiated by officials in the British administration. The fifth proposal was initiated by the APC.

Between 1924 -1925, the Currency Committees convened. Their work laid the foundations for the Palestine Currency Board, the body that ultimately issued currency notes for Palestine.

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